Something you SHOULD be concerned about..

[ironglow]

  Now, the Biden bunch want to know all about almost every financial transaction you make !

   https://www.azcentral.com/story/money/business/2021/10/09/what-you-need-know-biden-plan-track-600-bank-accounts/6052734001/

    About a month ago, it came to my attention in a graphic way.  I stopped by my local bank to take out $3,000.  The teller
    happened to mention in conversation, that my $3K withdrawal, had to be reported to the federal government.

    Of course, when I asked why such a withdrawal must be reported, naturally she could not understand it either.

     Now is it clear why the leftists want to expand to an additional 87,000 more IRS snoopers, working for a leftist government?

   How does reporting almost every transaction WE make, help the auditors catch the billionaires ?  The billionaires already have auditors and lawyers that are smarter than any new snoopers the government can hire..so you KNOW who this is aimed at...

  There are plain lies..then there are super lies, spun by Democrat, leftist and Communist lies..

   

[Dee]

Used to be ten thousand. Big Brother in action.

[Graybeard]

I think $500 is now the level for having to report.

[Lloyd Smale]

Do they report check card transactions over 500 bucks?? I rarely take cash out of the bank. I use my check card for most things and if i need cash i get it out of a cash machine with the same check card.

[TrumpWon]

https://news.bloombergtax.com/tax-insights-and-commentary/breaking-down-the-plan-to-report-your-bank-account-to-the-irs

[Lloyd Smale]

ok i can see paying tax off the interest of your account. its always been that way but tracking what i take out of my account because i might be laundering money?? I just dont get that. What is the percentage of people that put money in the bank then take it out of launder it. If i was going to launder my money i sure as heck wouldnt bother putting it in a savings account to begin with and I sure doubt any criminal would. I mean logicaly what would you take 10k out of the bank for that you would be buying that doesnt have sales tax on it? This is just big brother at its worse. A total waste of tax payers money to  hire someone to monitor a non-problem.

[ironglow]

There are many angles (of greed and "control") that are involved.  The "big brother" lefties cannot imagine people being able to do things out of sight of the government... !

  No garage sales..no more kids lemonade stands, no more selling your old hunting knife or collection of "Old West" magazines..without big brother knowing and getting their share.

   The 'control freak' left also wants a "cashless society"..so you can't give your niece a $50 present for good grades..or throw in $20 at church for a hard up family, without big brother knowing.
    That way, Big Bro also has a record of finances received by your niece and the the destitute family.

  Anybody who thinks those 87,000 new auditors are for use against the billionaires... better rethink !

  It looks like now that the Republicans went before cameras to expose this plot, the Demonrats have now deferred it..until later..
    https://www.washingtontimes.com/news/2021/oct/19/democrats-scale-back-600-irs-disclosure-after-back/

 NOTE:  Either this is an old story, or the Demonrats have tried it again.  .But if you read the article, just as the Republicans said on TV, that $600 was not just $600 in a single transaction..but an annual transaction total of $600 !

[TrumpWon]

In 2019, the federal government failed to collect $574 billion in taxes that were legally due.

Will this cause my tax bill to go up?
Not if you’re already reporting and paying properly. The proposal, as written, is intended to assist the IRS with the enforcement of existing tax laws. It’s not an additional tax.

Will additional reporting really make a difference in the tax gap?
The IRS thinks so. In a report last month, Treasury suggested that “These changes to the third-party information reports are estimated to generate $460 billion over a decade.”

In addition to handing the IRS information that can be used in audits, there’s another factor that the Treasury is counting on with this proposal: Taxpayer attitudes.

In the early years of the tax code, the Commissioner was tasked with examining every return. And in a throwback that feels eerily familiar, the IRS was overwhelmed. By the time that 1918 tax returns were filed—five times as many as the previous year—there was a backlog: the returns from 1916 and 1917 had not been audited.

Congress came up with a solution in 1954: The Commissioner was no longer required to examine every return.

Today, IRS examinations are typically targeted. Audits rates reach as high as 8.16% for taxpayers with incomes of $10 million or more, and generally less than 1% for taxpayers reporting $500,000 or less.

Unless you are cheating on your taxes there should be no problem.

[ironglow]

  #1..I am NOT cheating on my taxes, and #2 the government hauls in far more than they need already, and even then decide to
 drive our grandchildren into life-long debt!

  Perhaps you enjoy having Big Brother oversee more about your life than your wife does(or husband, if that applies).   ... But not everybody believes that way. 

  You seem completely ready to turn over your life and future to a corrupt IRS.  You go ahead, but I don't care to deal any more than necessary, with a den of liars and crooks.

  https://www.youtube.com/watch?v=zM_HuDlbquU&t=26s

  Sorry, but I don't trust ANY government THAT much !

[Dee]

First of all the national debt will never be paid. It is an impossible feat, and cannot be done. The interest alone per month can't be paid.

The government has driven the country over the bankruptcy cliff.

[Dixie-Dude]

I say get rid of income tax.  Have a 1% national sales tax.  It would collect about the same as income tax.  If you want, you could take off groceries, medical expenses, and medicine, maybe even school supplies, and childrens clothes.  Still would be a lot of tax.  Then if that is not enough, have a 1% tax on all imported stuff.  This would help bring some industry back home. 

You can take advantage of sales to pay less tax, unlike income tax that is taken out before you spend it.  You could then make your own, build your own, and grow your own and not pay much tax. 

Someone figured out that 1% sales tax would actually replace income tax outright.  Billionaires buying expensive homes, yachts, and cars would pay more tax.  Buying a primary home under a certain amount, like middle class, could be exempt also.   

It would be simple, and collected daily nationwide and sent to the IRS.  They would lie though, and say it only "hurts" the poor. 

[Mule 11]

The Boston tea party. History celebrated and a learned lesson in our schools. (At least when I attended) the tax!!! Was one half of one percent. Half a penny on the dollar for those mathematically impaired. We (as in Americans) threw their imperial product into the sea and shortly thereafter handed them their pompous imperial asses. Hence, America the great.

[Dee]

I say get rid of income tax.  Have a 1% national sales tax.  It would collect about the same as income tax.  If you want, you could take off groceries, medical expenses, and medicine, maybe even school supplies, and childrens clothes.  Still would be a lot of tax.  Then if that is not enough, have a 1% tax on all imported stuff.  This would help bring some industry back home. 

You can take advantage of sales to pay less tax, unlike income tax that is taken out before you spend it.  You could then make your own, build your own, and grow your own and not pay much tax. 

Someone figured out that 1% sales tax would actually replace income tax outright.  Billionaires buying expensive homes, yachts, and cars would pay more tax.  Buying a primary home under a certain amount, like middle class, could be exempt also.   

It would be simple, and collected daily nationwide and sent to the IRS.  They would lie though, and say it only "hurts" the poor.

Think of the government savings if you did that, and got rid of the IRS.

[mcbammer]

First of all the national debt will never be paid. It is an impossible feat, and cannot be done. The interest alone per month can't be paid.

The government has driven the country over the bankruptcy cliff.

   And the bill keeps going  up everytime the Feds raise the interest rate .

[Mule 11]

First of all the national debt will never be paid. It is an impossible feat, and cannot be done. The interest alone per month can't be paid.

The government has driven the country over the bankruptcy cliff.

   And the bill keeps going  up everytime the Feds raise the interest rate .

Who do we owe? I say we tell them to lump it... I never signed on for this loan or debt and neither did my children or grand children. Collect from those who signed on the contract and built their household from the proceeds.

[TrumpWon]

The lumpsters:
In 2021, the top five owners of U.S. debt were: individual U.S. investors, the Federal Reserve, Social Security, Japan, and the U.S. Department of Defense.

https://www.thebalancemoney.com/will-the-u-s-debt-ever-be-paid-off-3970473#:~:text=Raising%20taxes%20and%20cutting%20spending,spending%20and%20help%20the%20economy.

https://www.thebalancemoney.com/who-owns-the-u-s-national-debt-3306124#:~:text=The%20public%20holds%20over%20%2424.29,and%20holders%20of%20savings%20bonds.

https://en.wikipedia.org/wiki/National_debt_of_the_United_States

[nw_hunter]

The lumpsters:
In 2021, the top five owners of U.S. debt were: individual U.S. investors, the Federal Reserve, Social Security, Japan, and the U.S. Department of Defense.

https://www.thebalancemoney.com/will-the-u-s-debt-ever-be-paid-off-3970473#:~:text=Raising%20taxes%20and%20cutting%20spending,spending%20and%20help%20the%20economy.

https://www.thebalancemoney.com/who-owns-the-u-s-national-debt-3306124#:~:text=The%20public%20holds%20over%20%2424.29,and%20holders%20of%20savings%20bonds.
https://en.wikipedia.org/wiki/National_debt_of_the_United_States

Hmm! Do you work for th Federal Government?

[magooch]

The sole purpose of government should be to provide a service to the populous where private enterprise is not a practical alternative.  The service should be paid for equally by everyone--with few exceptions.  The IRS does not meet these criteria.  So, it should be eliminated, or brought into compliance.

Taxes should be based on the service received by the person paying the taxes.  It should not be based on the wealth of the payee.  What possible sense does it make to penalize those who work, or in any way produce wealth.  I think it is unjustified theft to charge individuals, or businesses for their success.  Okay--in the world we live in, where we must have a very substantial military, philosophical theories are not always going to win.  That doesn't mean that everything has to be thrown out the window and government should be allowed to run wild.  Income taxes and property taxes along with some others are completely out of control and have got to be limited, or our society will fail.